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来源类型Article
规范类型其他
DOI10.1515/pof-2016-0012
ISBN2036-5438
Conventional direction to unconventional measures: using quantitative easing to shape Eurozone fiscal capacity.
Fontana, Olimpia; Vannuccini, Simone
发表日期2016-10-21
出处Perspectives On Federalism
出版者De Gruyter Open
出版年2016
页码E 124-E 157
语种英语
摘要Eight years after the outbreak of the crisis, the Eurozone (EZ) fiscal policy remains fragmented at the national level. This paper fills the structural gap between the monetary and fiscal dimensions of EZ economic policy by suggesting a ‘conventional’ direction to the unconventional Quantitative Easing (QE) policy of the European Central Bank (ECB). We propose an evolution for QE to tackle the shortcomings of the current ‘decentralized’ fiscal policy in the EZ. In a nutshell, we suggest a change in the composition of QE asset purchases, focusing on buying European Investment Bank (EIB) bonds that, in turn, would be used to finance real investments through the Juncker Plan programme. The rationale of our proposal is legitimised by an overview of the gloomy macroeconomic conditions of the EZ, and the situation in ongoing policies. The mechanism is described in detail, with a discussion of both its strengths and possible limitations.
特色分类HB3711 Business cycles. Economic fluctuations$JN0015 European federation and integration
URLhttp://sro.sussex.ac.uk/id/eprint/77452/
来源智库Science Policy Research Unit (United Kingdom)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/468800
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Fontana, Olimpia,Vannuccini, Simone. Conventional direction to unconventional measures: using quantitative easing to shape Eurozone fiscal capacity.. 2016.
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